Premier Energies Bags Rs 1,087 Crore Solar Module and Cell Orders

Premier Energies Ltd announced that its subsidiaries, Premier Energies Global Environment Pvt. Ltd., Premier Energies International Pvt. Ltd., and Premier Energies Photovoltaic Pvt. Ltd. have secured major domestic orders worth Rs. 1,087 crore. These include Rs. 964 crore for solar modules and Rs. 123 crore for solar cells. The orders were given by two large Independent Power Producers (IPPs) and one additional customer. Supply for these orders is set to begin in January 2025, according to the company’s statement to stock exchanges.

Financials & Prospect

Premier Energies reported growth in its September quarter financials. Net profit surged nearly threefold to Rs. 206 crore compared to Rs. 53 crore in the same period last year. Revenue from operations increased 120% year-on-year to Rs. 1,527 crore from Rs. 694 crore. The company attributes its performance to expanding capacity and rising demand from both domestic and international markets, particularly India and the U.S.

The firm, India’s second-largest solar cell manufacturer with a 16.2% market share, raised Rs. 1,291.4 crore through its IPO recently in August 2024. Funds are being directed towards a new 4GW solar PV TOPCon cell and module facility in Hyderabad.

Stock Performance

Premier Energies stock is currently trading at Rs. 1,109.95, up 1.28% today with the trading volumes on the BSE reaching one lakh shares yesterday, with a turnover of around  Rs. 10.79 crore. The company’s market capitalization now stands at Rs. 49,233 crore. Year-to-date, the stock has delivered over 32% returns, with a 16.6% gain in the last month alone.

To sum it up, with orders in hand and expansion plans coming in, Premier Energies seems positioned to capitalize on the growing solar energy market in both India and Abroad. The scheduled supply starting January 2025 is expected to drive revenue growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.